By Lilly Riddle
A retail property located at 212 South Cedros Ave., in Solana Beach’s Cedros Design District presents an investment opportunity in one of Southern California’s most sought-after coastal communities. This 0.92-acre lot, with a 13,561-square-foot retail building, boasts a strategic location, a diverse tenant mix and potential for growth and development. It is listed for $16.25 million, or roughly $405 per square foot, according to an offering brochure from CBRE.
The property represents the chance to acquire a centrally located asset in a “core” quality trade area, according to its marketing brochure. The property features a mix of national and local tenants, creating a dynamic shopping experience. Key tenants include West Elm (a subsidiary of Williams Sonoma), Exclusive Collections, BluSandz Boutique and Urban Remedy. West Elm alone boasts a presence of more than 2,500 employees and locations in over 85 U.S. cities and multiple countries. The C-class, one-story building was initially constructed in 1950, according to the marketing brochure.
Situated along South Cedros Avenue, the property is located in close proximity to Interstate 5 (which sees more than 242,450 cars per day) via Lomas Santa Fe, providing access for both local residents and tourists. 212 South Cedros Ave. is also coastally situated, being just steps away from the Pacific Ocean and the Solana Beach Amtrak station, as well as less than 1.5 miles from the Del Mar Fairgrounds and Racetrack, which combined attract more than 1.4 million annual visitors.
The area also features a large infill site. The property encompasses a land area of nearly one acre, including parking, making it one of the largest parcels in the Cedros Design District, according to CBRE. This presents an opportunity for redevelopment or expansion in a highly sought-after location.
Per the brochure, the property represents a potentially compelling investment opportunity for several reasons: its diverse mix of national and local tenants that provide a stable income stream and cater to a range of consumer preferences; its proximity to major transportation routes, tourist attractions and the beach; its development potential, which offers the option for redevelopment or expansion, allowing investors to capitalize on the growing demand for retail space in Solana Beach; and its market growth, as the Solana Beach retail market continues to increase, driven by the local economy, tourism and population growth.
Reg Kobzi, Joel Wilson, Michael Peterson, Dave Hagglund and Robert Gunness of CBRE are leading the marketing effort for this property.
